Estonian biotech ÄIO raised investments from Helsinki-based Voima Ventures

Estonian biotech ÄIO raised investments from Helsinki-based fund Voima Ventures. The investment from the fund was part of a Series A funding round.

Launched in Tallinn in 2022 by entrepreneurs and researchers of Estonian University TalTech Petri-Jaan Lahtvee and Nemailla Bontur, ÄIO uses locally available by-products and side streams from the food, agricultural, and wood industries. With the help of fermentation techniques, it grows microorganisms capable of producing fatty acids, antioxidants, and pigments. These oils and fats are plant-based alternatives to palm, coconut oils, and animal fats and can be used in the food, cosmetic, and chemical industries.

According to ÄIO, the production of plant-based oils and fats could potentially reduce land use by 74-97% and cut water consumption by up to ten times, compared to current palm oil and animal fat production. In addition, fermentation technology takes ten times less than the traditional production of oils and fats.                                                                                                                                      

In February 2023, ÄIO raised €1M from the government organization Enterprise Estonia, Finnish FoodTech VC, and other investors.

Founded in Helsinki in 2019 by Inka Mero, Voima Ventures focuses on technology spin-offs,  pre-seed, series A, and series B startups. In June 2023, the investment firm announced the closing of a €90M fund to support Nordic and Baltic early-stage deep tech companies. The initial investment ticket size ranges from €200K to €3M.